Jagmeet Singh Launches Canada Victory Bonds and a Plan to Build Canadian

OTTAWA — NDP Leader Jagmeet Singh today unveiled Canada Victory Bonds and a suite of commitments to protect Canadian workers, rebuild critical infrastructure, and ensure working and middle-class families don’t bear the cost of Donald Trump’s reckless trade war.

“Trump’s tariffs are a direct attack on Canadian jobs and workers,” said Singh. “Every day, more families are worrying about their paycheques, their future, and how they’ll get by. We’ll fight back—by building Canadian, buying Canadian, and investing in the people who power this country.”

Canada Victory Bonds: A Nation-Building Investment

Singh announced the launch of Canada Victory Bonds—secure, tax-free savings bonds designed to put everyday Canadians in the driver’s seat of rebuilding the economy and resisting Trump’s attacks.

• Available in 5-year and 10-year terms, these bonds will pay a compounding interest rate of 3.5%—set 0.25% above the average 5-year bank GIC.
• Tax-free if held to maturity, a $100 bond will grow to $118.77 in five years, or $141.06 in ten.
• Bonds will be available via payroll deduction or over the counter, making it easy for Canadians to participate.
• Every dollar raised will be dedicated entirely to public infrastructure—not general revenue—supporting shovel-ready projects like roads, bridges, transit, ports, housing, and water systems that we will own for generations.

“Canadians are already taking a stand—buying local, cancelling U.S. trips, and calling out Trump’s bullying,” said Singh. “With Victory Bonds, we’re giving them another way to act—to invest directly in the fight for our economy and our future.”

Investing in Canadian Steelworkers

Today's announcement powers the NDP Build Canadian, Buy Canadian plan—a national public infrastructure and procurement strategy to:

• Use 100% Canadian steel in all federally funded projects.
• Ban U.S. companies from federal procurement contracts as long as they are targeting Canadian goods with tariffs.
• Prioritize Canadian unionized firmsin public project bidding.
• Increase Canadian content requirements for all federally funded projects.

“We’re going to use Canadian steel to build Canadian homes, hospitals, bridges, and clean energy,” said Singh. “Not only will this support Canadian jobs—it will protect entire communities that depend on these industries, from Hamilton to Sault Ste. Marie to Kitimat”

Protecting Workers and Families

To shield Canadian workers and middle-class families from the worst effects of Trump’s trade war, the NDP is committing to:

• Expand EI benefits to 50 weeks, raise the benefit rate to 66%, eliminate the waiting period, and extend access to self-employed and gig workers.
• Fix and expand EI work-sharing to avoid layoffs and keep workers connected to their jobs.
• Use all revenue from retaliatory tariffs to directly support impacted industries like steel, auto, and aluminum.
• Remove GST from essentials like home heating and Canadian-made vehicles.
• Cap grocery prices on staples like milk, bread, and vegetables.

A Plan for National Strength and Economic Sovereignty

“While Mark Carney wants the richest bankers to profit from this crisis, New Democrats are standing with workers, families, and communities,” said Singh. “This is about more than budgets. It’s about values. It’s about who pays—and who benefits.”

“With Canada Victory Bonds and a plan to build Canadian, we’re saying clearly: we’ll meet Trump’s trade war with Canadian pride, Canadian steel, and Canadian jobs. We’ll get through this by standing together—and we’ll come out stronger, fairer, and more united than ever.”

Background

Commitment

• We are in a trade war, and just like other wars, we will use Victory Bonds to support the trade war effort.
• Canadians could buy 5 and 10 year Victory Bonds through a payroll deduction, or over the counter.
• An NDP government will issue Canada victory bonds that will pay a fixed rate and can be tax-free.
• Money from Victory Bonds will be dedicated entirely to getting Canadians to work building public infrastructure like roads, rail, housing, waterworks, ports, that we will own for generations. It will not go to general revenue or program spending.

Background

• Victory Bonds would pay interest set 0.25% above an average 5-year Bank GIC.
• Victory Bonds issued today would pay compounding 3.5% interest.
• A 5-year $100 Victory Bond paying 3.5% will be worth $118.77 at maturity. A 10-year $100 Victory Bond paying 3.5% interest will be worth $141.06 at maturity.
• Victory Bonds will be tax-free if held to maturity.
• The UK green savings bonds raise approximately $900m CAD ($500m GBP) annually. These pay a similar interest rate and are also dedicated to a social cause. We would target raising a higher amount but feel this is a reasonable starting point. During world wars, Victory Bonds were consistently oversubscribed.
• Individuals would be able to buy Victory Bonds.
• Bonds would be heavily marketed to encourage widespread subscription.

Costing

• We expect administrative costs to be $75-$80 million.
• The cost of debt raised from a Victory Bond will be higher than debt raised on the capital market. $1 billion raised from Victory Bonds would cost ~$10 million more than $1 billion raised on capitals markets, however the interest would go directly back to Canadian households, instead of international banks and lenders.